It is hard to imagine a global where smart phone technology is ubiquitous, and you will find still individuals who do not need use of adequate financial institutions. In these modern times you will find roughly six billion individuals with limited or no use of banking facilities. Difficult to fathom, right? Sadly this is the truth for many people in developing countries. In conjunction with corruption, limited modes of transportation, and high transaction fees, bank accounts really are a luxury that lots of people cannot afford. Enter Bitcoin into this equation and financial freedom is simply the beginning block chain software.
Bitcoin is not merely money for the internet; it is a programming language that allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), "Bitcoin is the internet of money." In order to understand why let's utilize the analogy of the internet; allowing any individual admission to a global communication and information network instantaneously. In this in an identical way, Bitcoin is allowing individuals'instant use of a free global financial network. The implication of a decentralized financial network free from the corruption of third party moderators is overwhelming. Ponder for a minute introducing 6 billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, thought we would create that gave all users equal say. The energy of the Bitcoin network is its users, which currently exceeds the combined computing power of the very best 600 super computers on Earth. This equates to a network, that will be for many intents of purposes, impenetrable. Essentially, every individual computer acts as a voting node. These nodes vote on the validity of the present Bitcoin equation, otherwise known as the block chain. To ensure that the block chain to be verified, most the voting nodes must corroborate if the equation is performed correctly. This process happens in nanoseconds, meaning not absolutely all voting nodes will take part in every given block chain verification blockchain technology.
Bitcoin is primarily considered in the west as trendy, new technology and a means of accruing wealth. Recently, the popularity for crypto-currencies has grown rapidly within investment circles, hedge funds, and one of the technologically inclined because rising value. Though Bitcoin is utilized predominantly inside these aforementioned groups, current buzz surrounding Bitcoin millionaires and the general public hearings in New York regarding future regulation have catapulted the currency to the mainstream.However, limiting the Bitcoin protocol to these mentioned before industries is incredibly short sighted given the genius of Satoshi's underlying goal. Remember, the Bitcoin protocol could be applied to any information system, including the system of voting. When applied to voting, there is no more the requirement for a 3rd party organization to verify an election as this is performed by every individual voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would have the ability to vote from the comforts of their own homes, using verifiable identification codes, by way of a transparent voting system blockchain database.
We have seen that the Bitcoin protocol not just has the power to shape the future of our global financial network, but of our voting, our phones, and our cable television. Any system that is based on an unbiased third party mediator could be replaced by implementing the Bitcoin software. As the program is policed by all participating members, the chance of corruption, or hacking the system is minuscule. No matter whether Bitcoin the currency ever blossoms into the best mainstream type of monetary transaction remains to be observed, however the revolution in software that Nakamoto has unleashed has only just begun.